Using Property Portals Can Save Hundreds in Estate Agent Fees

It has only been ten years or so since the idea of having an online portal to communicate came into existence. In that short time, online real estate has shot to the fore. At present, it is estimated that between 85 and 90 percent of all real estate deals are done online. This is proving to be the trend of the future as far as real estate goes.
Traditional estate agents usually charge about 2 percent to 3 percent of the sale price of a property, not including the VAT. In some areas, this figure can go as high as 4.5 percent. Sometimes there are additional fees for advertising etc. as well. It is therefore possible to save hundreds, if not thousands, depending on the value of the property involved.


How Online Agents Cut Costs


Since these property agents operate online and do not have a physical office, their operating costs are much lower. They do not have to pay for office space, nor do they have to have as much administrative staff, as well as also having the option to outsource smaller jobs cheaply. So they can afford to offer lower fees to their clients. And since they use the latest in computer technology and digital imagery, they can easily put up photographs and list details in a database so that they can advertise numerous market properties online quickly and cost effectively.

Even though traditional estate agents have tried to block or withhold listings from online agents, they have been overruled every time. Numerous legal bodies, such as the Office of Fair Trading in England, have also ruled in their favour, making online agents much more accepted and respected than before.

Since internet usage is now so popular and part of almost everyones life, online agents can make their listings available even in places too remote to have a brick and mortar real estate office. Because they have such a wide spread market source, they can be very successful at closing numerous deals and getting properties bought or sold in a very short amount of time which is both an advantage and a convenience as many do not have much time on their hands.

With online property portals becoming more popular all the time, many agents have begun using software designed to help them in their real estate business. Certain software can manage website content making it possible to add or remove listings and photos without actually knowing website coding. Other software can help agents prepare contracts and create templates. Buyers and sellers can also get smart phone apps for online real estate listings and property portals that give them updated info on their real estate transactions.


Check for Reliability


Of course, it is important to be sure that the property portal site is a reliable one. Check to see that it is registered with the National Association of Real Estate Agents in the USA registered with the National Ombudsman Office in England. Read over their website content carefully to find out how long they have been in the business. It is also good to check their references and do a search on the internet about them. It is also helpful to call the phone number listed and be sure that it is a genuine contact number with genuine agents who are ready to be of service and answer questions.

Before signing a service agreement, be sure that you understand all of the terms of the agreement and that you are clear about all of the fees involved. These can include closing costs, appraisal costs and lawyers fees. Sometimes there are also binding legal clauses that require a client to pay an agent even if the property was sold or bought without his services. So it is good to be aware of these possible legal snares.

Using online property portals can certainly save consumers lots of money that would otherwise go to the high percentage commissions and exorbitant estate agent fees that traditional agents usually charge. At the same time, it is a good idea to do thorough research and be sure that the property agents you are considering are trustworthy and dependable as this is an important decision involving a lot of money.